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Restrict Binance, other cryptocurrency platforms to rescue Naira – Onanuga tells CBN, EFCC



Bayo Onanuga, the Special Adviser on Information & Strategy to President Bola Tinubu, has charged the Central Bank of Nigeria, CBN, and the Economic and Financial Crimes Commission, EFCC, to clampdown on Binance and other cryptocurrency platforms undermining Naira at the foreign exchange market.

Onanuga disclosed this on Wednesday through his official X account.

According to him, cryptocurrency exchange platforms are contributing to the continued Naira fluctuations in the forex market.

He cited Binance, which is restricted in the United Kingdom, Singapore, Ontario and Canada.


Onanuga stressed that Binance is hijacking the role of the CBN, noting that Binance and other cryptocurrency platforms, such as Kucoin and Bybit, should be banned from operating in Nigeria’s cyberspace.

He added that the FX platform, Aboki, should be re-banned to stop the bleeding of the Naira.

“Binance, facing regulatory showdown in many countries and causing disruptions in the currency market, should not be allowed to dictate the value of the Naira, not on its crypto exchange platform. Other crypto platforms, such as Kucoin and Bybit, should be banned from operating in cyberspace. The FX platform, Aboki, should be re-banned.

“The EFCC and the CBN should move against these platforms trying to manipulate our national currency to Ground Zero. Crypto should be banned in our country, or else this bleeding of our currency will continue unabated”, he said.

DAILY POST recalls that the CBN lifted the ban on cryptocurrency transactions in December last year.


For months now, the Naira has continued to fluctuate against the US dollar in the forex market despite several policy interventions by the CBN.

The EFCC recently commenced raids on Bureau De Change operators in Abuja, Lagos and Kano.

Meanwhile, DAILY POST reports that in the last two days, Naira has appreciated against the Dollar at the official exchange market but continued its depreciation at the parallel market.

Source link: Daily Post

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